Refer Attached

November 9, 2026 BSE Limited National Stock Exchange of India Ltd. Listing Department, Listing Department, P. J. Towers, 1st Floor, Exchange Plaza, Plot No. C/1, ‘G’ Block, Dalal Street, Mumbai – 400 001. Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051. Scrip Code: 524200 NSE Symbol: VINATIORGA / Series: EQ Dear Sir/Madam, Subject: Transcript of Earnings Conference Call for the second quarter and half year ended September 30, 2026 - Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) This is in furtherance to our letter dated November 2, 2026, wherein the advance intimation of the Earnings Conference Call scheduled to be held on Thursday, November 5, 2026 with Analysts and Investors on the financial and operational performance of the Company for the second quarter and half year ended September 30, 2026 was submitted to the Stock Exchanges. In compliance with the SEBI Listing Regulations, please find enclosed the transcript of the aforesaid conference call which is also hosted on the website of the Company www.vinatiorganics.com. Kindly take the same on record. Thanking you, Yours faithfully, For Vinati Organics Limited Milind Wagh Sr. Vice President – Company Secretary (ICSI Membership no. FCS- 7125) Encl: As above “Vinati Organics Limited Q2 FY2027 Earnings Conference Call” November 05, 2026 MANAGEMENT: MS. VINATI SARAF MUTREJA – MANAGING DIRECTOR – VINATI ORGANICS LIMITED MR. GULSHAN SAKHUJA – CHIEF FINANCIAL OFFICER – VINATI ORGANICS LIMITED MR. ADITYA CHURIWALA – DGM, CORPORATE FINANCE – VINATI ORGANICS LIMITED MODERATOR: MR. ARCHIT JOSHI – NUVAMA WEALTH MANAGEMENT LIMITED Page 1 of 10 Vinati Organics Limited Limited November 05,2026 November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Vinati Organics Q2 FY27 Earnings Conference Call hosted by Nuvama Wealth Management. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. Also note that this conference call is scheduled for 30 minutes. I now hand the conference over to Mr. Archit Joshi from Nuvama Wealth Management Limited. Thank you, and over to you, sir. Archit Joshi: Thank you, Sagar. Good afternoon, everybody. Wishing everybody a very happy Diwali. At Nuvama Institutional Equities, we are pleased to host the Q2 FY2027 earnings conference call of Vinati Organics Limited. We are joined by Vinati Saraf Mutreja, Managing Director, Mr. Gulshan Sakhuja, CFO, and Mr. Aditya Churiwala, DGM Corporate Finance. Without further ado, I would like to hand over the call to Mr. Gulshan Sakhuja for his opening remarks, and then we can take questions and answers. Thank you, and over to you, sir. Gulshan Sakhuja: Thanks. Good afternoon, friends, and thank you for joining us for the Q2 FY2027 results conference call. I will begin with an overview of our financial performance for the quarter and half year ended September 30th, 2026. On a standalone basis, on a Y-o-Y basis in Q2 FY2027, net income, including other income, increased by 21% from INR562 crores in Q2 FY2026 to INR707 crores. However, EBITDA declined by 27% from INR195 crores in Q2 FY2026 to INR142 crores. Profit after tax also declined by 33% from INR129 crores to INR87 crores. On a Q-o-Q basis, in Q2 FY2027, net income, including other income, declined by 4% from INR707 crores in Q1 FY2027 to INR681 crores. For H1, net income, including other income, increased by 25% from INR1,112 crores to INR1,387 crores. However, EBITDA declined by 10% from INR368 crores in H1 FY2026 to INR333 crores in H1 FY2027, while PAT declined by 15% from INR242 crores to INR210 crores. On a consolidated basis, Y-o-Y basis, in Q2 FY2027, net income, including other income, increased by 23%, rising from INR566 crores in Q2 FY2026 to INR693 crores. However, EBITDA declined by 24% from INR183 crores in Q2 FY2026 to INR138 crores. On a Q-o-Q basis, in Q2 FY2027, net income, including other income, declined by 2% from INR704 crores in Q1 FY2027 to INR693 crores. For H1, net income, including other income, increased by 25% from INR1,115 crores to INR1,398 crores. However, EBITDA declined by 9% from INR350 crores in H1 FY2026 to INR318 crores in H1 FY2027, while PAT declined by 15% from INR219 crores to INR187 crores. Now moving to the operational performance. Our business is facing challenges on account of prevailing market conditions, especially the ongoing war in the Middle East, which has led to Page 2 of 10 Vinati Organics Limited Limited November 05,2026 November 05, 2026 an increase in raw material prices, energy prices, as well as logistics costs. Even though the increase in raw material prices has largely been passed on to our customers, the logistics and energy costs could not be passed through entirely. This led to an increase in the top line, but adversely impacted our bottom line. The logistics rates have started cooling in Q3, and we expect further reduction in Q4, which will positively impact the Q3 and Q4 profitability. Moving to our major product categories, demand for ATBS did not pick up as anticipated at the beginning of FY, owing to destocking by customers, which impacted our ability to meet the half-year target. We expect volume recovery in H2. The Butyl Phenol segment delivered stable performance, and we anticipate better performance in H2, supported by improving demand conditions. Our antioxidant business delivered strong performance in H1 despite a challenging market environment. We expect this segment to maintain momentum in H2, supported by market expansion. IB reported strong performance during H1, and we expect the performance to continue in H2. IBB delivered strong performance in H1 in terms of volume as well as pricing. We expect similar performance in H2. Overall, we expect to end FY2027 with a 20%-25% improvement in top line over the previous year, owing to the improvement in volumes as well as pricing. Under VOPL, few products require process re-engineering, which is under process. After completion, we expect VOPL to contribute meaningfully to the top line and the bottom line of the consolidated entity. Turning to the capital expenditure, our investment strategy remains closely aligned with our long-term growth objective. In view of this, we have announced a capex plan of INR500 crores to develop and commercialize new specialty chemicals with applications in fragrances, personal care, water treatment solutions, oil fields, and others, with scope for further expansion into adjacent product segments based on market growth and opportunities. This capex will be entirely funded through internal accruals and is expected to be commercialized in two years. In addition to this, we are also planning for additional capex of INR500 crores. We are currently working on a land acquisition for the same and will be able to provide more clarity in the next couple of months. This additional capex too will be funded through internal accruals. Thank you. I now welcome your questions for the Q&A session. Over to Archit. Moderator: We will now begin with the question-and-answer session. Your first question comes from the line of Rohit Nagraj with 360 ONE Capital. Please go ahead. Rohit Nagraj: Thanks for the opportunity. Sir, just one question on the INR500 crores new capex. Can you just elaborate in terms of which chemistry platforms are we working on, whether it is aligned to the current chemistries forward integration or so, and whether these products are tested in our pilot facility, so that it goes into commercial without any teething problems. Thank you. Page 3 of 10 Vinati Organics Limited Limited November 05,2026 November 05, 2026 Vinati [Showing first 8,000 characters — download PDF for full document]